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Income Tax on acquisition of Agriculture Land

Mukesh Kumar Sharma (Manager) (122 Points)

08 January 2018

Dear All,

If a person received 81 Lacks After TDS Deducted Rs. 9 Lacks @ 10℅ of 90 Lacks Of Agriculture land acquisition by National Highway.

Than what is the scene of Income Tax on that.

Pls Reply.

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160342 Points)
Replied 08 January 2018

If the land is aquired under RFCTLARR ACT , it is tax exempt.

If under old act, mostly it will be taxexempt, as per attached circular.

So, the amount deducted can be received back as refund, when IT return filed for the corresponding year.

Attached File : 1648935 20180108173133 tax on land aquisition.pdf downloaded: 63 times

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Anurag lohiya (Bara bazar) (262 Points)
Replied 08 January 2018

Income tax on Capital gain arising from transfer of Capital asset being agricultural land in case of compulsory acquisution is also exempt u/s 10(37) Subject to certain condition of the section. Such as:
Agricultural work must be carried on that land since last 2 years etc.

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